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said we will raise the debt ceiling for a couple months and, you know, there you go. we haven't gotten any of the real work done? >> it was a short-term punt but i think it was pretty shrewd move by the republicans because you can't default on our debt. if interest rates went up even slightly the amount of interest we would have to pay on our $16 trillion debt would be enormous. you can't do that. it would be shooting ourself in the foot. they tried closing down the government back in the 1990s. that didn't didn't work too well. they're focusing on what is called the sequester, which are across the board spending reductions. that's where i think they will make their stand. we'll have a good robust debate about the level of spending we'll have in this country. the cuts in the sequester are too much for the pentagon for republicans to like. that will be focus rather than having republicans blamed for defaulting on the debt or shutting down the government. that was a shrewd move on their part. melissa: everybody talks about we need to get entitlement spending uncontrol. we need to balance
or not to raise the nation's debt ceiling. we have more live from cnbc. good morning. >>> good morning, the senate is expected to vote today on a bill to suspend the debt ceiling or the u.s. borrowing limit for three months to allow more time for debate on the country's fiscal issues. the house passed a measure last week. the senate version includes several republican amendments including matching spending cuts for every dollar increase in the debt ceiling. but they're expected to go down in defeat. now the bill won't technically raise the debt ceiling but will spend it until may 19 when it will be raised by the amount the treasury borrows in the interim. meanwhile, a new report finds foreclosure activity rose in more than half of the biggest u.s. metro areas last year. but realty track says activity decreased from 2010 when foreclosures peaked in most markets. foreclosures dropped in 12 of the top 20 metro markets with the biggest declines in phoenix, san francisco, and detroit. the biggest increases were in tampa, miami, and baltimore. and what are the top market for buying a foreclosed home thi
, go ahead, we have breaking news. rich: the senate has voted to raise the debt ceiling through may 18. this also has a provision that says in the senate doesn't pass a budget, the senators don't get paid, house lawmakers don't get paid after april 15. they don't get paid until the end of congress and are made whole at the end of the congress in 2014. the bill goes to the president's desk raising the debt ceiling so treasury can extend that sometime to july or august. david: a quick question in terms of defense, we will be talking about how defense cutbacks are hurting individual jobs in individual sectors and does this affect defense spending directly? >> this moves the debt ceiling fight the back. now march 1, automatic spending cuts and defense and other programs begin to hit and government spending on march 27. next up, defense spending will be a topic of conversation in d.c. and congress. david: rich edson, thank you from d.c. liz: the chief strategist in the pits of the cme. right now i would love to sit here and talk about the trading action for today. the last day of january, i
to not raise the debt ceiling at all. as they're preference, at least the majority of them. but they can't do that because they can't get the spending cuts to offset anything. what they're doing is trying to buy some time. the middle ground between doing nothing and surrender entirely. gerri: the middle ground. >> between surrender in doing nothing in all. on satisfying, but irresponsible piece of action. gerri: okay. well, what do you say? the interesting part of this command of one to you what you have to say. apparently the senate will okay this idea that it won't get paid if they don't create a budget. that's not really true. they will get paid, but the money will go into an account somewhere and be held for a while. they eventually will be paid. the end of the day and don't really see any bodies and getting smacked. >> well, the money will be held until the very end of 2014, the end of this congress. another thing people wanted paychecks held for 20 months. at think this is the only thing that got their attention. today democratic senators announced it will have a budget resolution on ap
back in the driver's seat because they cooperated on raising the debt ceiling. they forced the senate democrats to put up a budget. the next thing will be the continuing resolution, short term spending cuts. i think the gop by stopping taxes is back in play, they are back in play. >> i love your optimism, larry. i wish i could be jumping up and down with you. but i'm afraid the republicans are in full retreat. i'm hoping -- i know they won't agree to this tax increase. the senator is absolutely right. but the problem is the democrats are using this as another opportunity to put republicans of throwing granny off the cliff, caring only about their millionaire and billionaire buddies. patty murray said we'll put it on the people who best can afford it. it worked for president obama, the democrats, like the cbs news political director said is to go for the jugular, to cut the throat to destroy republicans. this is not about achieving a budget or growing jobs. it's about destroying the opposition so they can continue grow the size of the federal government, continue to increase deficits a
the senate passes a budget. and we're not going to just keep raising the debt ceiling. we're going to make a down payment on debt reduction, and we're going to point the country in the right direction, we're going to cut spending. [applause] you know, there will be times p when conservatives disagree on the way forward. we've never marched in lockstep. that's not what we do. a healthy debate is a good and needed thing. we can deliberate in private without fighting in public. all we should ask of each other is that we give an honest account of our actions and their reasons for them. we should challenge the left, not each other. and if we take the prudent course, you know what? we'll be in really good company. our founders were men of prudence. take james madison. nowadays we call him the founder, the father of the constitution. but at the constitutional convention, he lost some key arguments. you know, he fought the plan to give each state the same number of seats in the senate. he thought it was deeply unjust. and at first he wants -- he wanted congress to be able to veto state laws n. bot
. those amendments expected to be defeated. the bill won't technically raise the debt ceiling, but it will suspend it until may 19th when it will be raised by the amount that the treasury borrows in the interim. that's how it's going to work. and markets, as we've been talking about on a tear this month with the dow having its best january in decades. but will yesterday's surprising drop in gdp reign in the bulls, it says here? let's get a read on the state of the economy. at least it wasn't a -- that kind of rein. there's three of them. anyway, joining us for the next hour is bob bruska. that's fao -- >> no. you cannot. >> fao economics. as becky said at the top, things are going to go really well or the market is going to have an '87 crash. >> i like the binary outlook. >> everything you said was so good until you gout to that point. >> he usually wears one of these very clever ties. >> i'm not going to give him any -- >> there you go, joe. >> you didn't forget because you are getting up there. >> up there? >> close to his age. >> i have to put it out the night before. >> i
get rid of the debt ceiling? it's a real brawl. >> just deep six that sucker like no other country deals with this it ottic device. hey, i'm going to borrow some money, but i'll think twice over whether i'm going to pay the bill when it comes. >> what if it was the founding father himself who said i think we ought to have a debt ceiling so as to avoid fiscal recklessness? >> well, in fact, the debt ceiling, the reason we have one is because up until 100 years ago, we voted on every bond issue individually. so you think it's bad now, just imagine if we had had that situation. but looking forward, though, this is very much yesterday's story. it was interesting that the reason the dow took this latest jump upwards was because the house a couple of weeks ago signaled they weren't going to have a fight over the debt ceiling. now, people need to focus on the fact that the next big tripwire is the sequester. i think markets got a little bit complacent the one second. >> we want to talk about the federal reserve, as well. let's recap what the fed did. they kept their $85 billion bond buyin
Search Results 0 to 7 of about 8